Registered Charity Number 1117225
Registered Company Number 05731116
Cardigan Bay Watersports
Report and Accounts For The Year Ended 31 December 2020
Cardigan Bay Watersports Company Information
Directors
Stephen Richard Berry Roger Couch Crawford John Mcleary Mark Andrew Rex Willis
Secretary
Alan Martin Davies
Accountants
Martin Davies Pibydd y Traeth Bro Nantcellan, Clarach Aberystwyth Ceredigion SY23 3PH
Registered office
8 Bro Nantcellan Clarach Aberystwyth Ceredigion SY23 3PH
Charity registered number
1117225
Company registered number
05731116
1
Cardigan Bay Watersports
The report of the trustees for the year ended 31 December 2020
Introduction
The trustees present their annual report and accounts for the year ended 31st December 2020.
Notwithstanding the ups and downs of 2020, brought about by the Covid 19 Pandemic and government reactions thereto, the Trustees can report that the Charity's management was proactive in its response resulting in an end of year cash position that was only £4.6k lower than the opening position despite a fall in revenue from activities of £49.2k compared with the previous year. The trustees consider the Charity's assets are adequate to fulfil current obligations and are looking forward to regaining momentum during the current year.
Name, registered office and constitution of the charity
The full name of the charity is Cardigan Bay Watersports.
The legal registration details are :-
Date of incorporation 6th March 2006 Company Registration Number 05731116 The Registered Office is 8 Bro Nantcellan, Clarach, Aberystwyth, SY23 3PH Charity Registration Number 1117225 The telephone number is 01545-561257
Objectives and Activities of the Charity
A summary of the objects of the charity as set out in its governing document.
i) for the benefit of the community in Cardigan Bay and in particular New Quay by organising, providing or assisting in the provision of facilities for education and physical recreation in the interests of social welfare with the object of improving the condition of life for those who, for social and economic circumstances, have a need for such facilities; and
ii) to advance education in sailing, kayaking, windsurfing and other watersports in Cardigan Bay.
Public benefit that is provided by the charity
The charity provides a number of interrelated benefits to the public:
1 it increases opportunities for individuals to take exercise in the open air, to build personal confidence and to widen their active participation in sport;
2 through the youth programme, it encourages early participation in sports that can be carried on throughout life;
3 it provides a development pathway for those interested in developing skills and progressing competitively in such sports;
4 it contributes to local and national initiatives aimed at increasing exercise levels amongst the population;
5 it provides a sound base for individuals to develop skills that could lead to volunteering and/or employment in watersports as instructors, coaches or managers;
6 it contributes to the well-being and social life of the county;
7 in cooperation with other activity providers, it contributes to raising the profile of this area of Wales as a centre for sports tourism.
2
Cardigan Bay Watersports
The report of the trustees for the year ended 31 December 2020
Summary of main activities of the charity in relation to its objects
Provision of courses in dinghy sailing, yacht cruising, windsurfing and powerboat handling following the syllabus set down by the Royal Yachting Association (RYA) and issuing appropriate certificates to successful candidates. Providing taster sessions and recreational activities for schools, youth groups and individuals in watersports.
Achievements and Performance of the Charity
Summary of the main achievements of the charity during the year
1. Revenue. The revenue reported here was achieved during a limited opening period in 2020. The impact of Covid 19 restrictions meant that all the bookings for Easter and the May bank holidays had to be refunded with little prospect of opening in 2020. The centre's accountant was able to secure both staff furlough and grant funding during the season. However, with an easing of restrictions the centre was able to open with a limited offer of hires only, in a socially distanced way, from mid-July to September. No customer training courses were offered following advice from the RYA and BCU.
2. Sales / Marketing. A complete review of the booking and daily operations with some of the senior members of the team resulted in the implementation of a 'Covid Compliant' oneway system through the centre. All hires were booked online for specific time slots. This minimised the number of customers potentially meeting and offered staff protection from large gatherings in or about the centre. Payment was taken on-line at the time of booking, eliminating cash handling.
Due to Covid no group or school activities took place.
Despite our concerns that customers would resist online booking for hires this has worked remarkably well, probably made easier by the prevalence of advance booking in many other spheres. We intend to widen on-line booking for all activities in 2021.
3. Grant applications. Community Chest grant of £1500 for surf equipment and instructor training funding was received and held over until 2021.
Other grants applied for with Sport Wales, Coastal Communities and Third Sector Resilience Fund
4. Compliance and Recognition. The centre has worked hard to ensure compliance with the moving target of Covid restrictions and easing thereof, with Risk Assessments and policies being kept up to date.
The annual RYA Inspection was completed in September with minor action points that have been addressed. The biennial AALA inspection was successfully completed remotely.
5. Personnel / Training. In 2020 with Covid 19 protection we had 12 of the team complete First Aid courses in March.
Additional training was developed to enable on the water safety boat personnel to assist customers recover their paddleboard or kayak while maintaining social distancing. We sponsored 10 of the team for their BCU Foundation Safety & Rescue certificate and BCU Paddlesport instructor qualification in November. We also sponsored 4 of the team to complete the RYA Powerboat 2 in December.
6. Equipment. Some of the Windsurf boards acquired via auction in 2019 did not meet RYA expectations during the 2020 inspection. Replacements are being funded from grant monies.
3
Cardigan Bay Watersports
The report of the trustees for the year ended 31 December 2020
7. Building. As showering was not permitted during the covid restricted operations, the opportunity was taken to upgrade both male and female shower cubicles which were showing the wear and tear of 17 years of usage, replacing tiles with laminate boarding and repainting the changing rooms. This has enhanced the changing environment and will reduce maintenance.
The storage of equipment is increasingly a challenge as the centre grows its offer. A longerterm solution needs to be considered if the centre is to continue to expand on and off the water.
8. 2021. The centre is now open for the current season. We have been notified that the 3 grant applications mentioned above have all been successful. This means that during the year we will be acquiring new sailing, paddleboarding and windsurfing equipment as well as a higher specification safety boat to cover new activities to be introduced later in the season. Additionally, the website will be totally revised to cater for on-line booking, payment on line, data gathering and analysis, with the objective of improving the customer experience and management control and planning. The opportunity will be taken to include a Welsh Language portal to the website. We approach the current season with optimism anticipating a benefit as more people holiday in the UK.
Structure, Governance and Management
Nature of the Governing Document and constitution of the charity
The charity is constituted as a company limited by guarantee and is therefore governed by a memorandum and articles of association. The directors of the company are also trustees of the charity. Eligibility for membership of the charity, and membership of the board of trustees is governed by the memorandum and articles of association. There are no restrictions in the governing document on the operation of the charity or on its investment powers, other than those imposed by general charity law.
The methods adopted for the recruitment and appointment of new trustees
The trustees are appointed at the charity's annual general meeting and retire from office at the third AGM following the AGM at which they were elected. Any casual vacancy arising during the year is filled by co-option of a person onto the board; that person is then duly elected at the subsequent AGM.
Financial Review
Policies on reserves
The trustees have resolved to establish reserves to provide for future activities, and to provide funding for the expected expenditure for six months ahead. Reserves at 31 December decreased, the trustees deem the reserve adequate to support the operation during the summer season.
The policy on reserves is that the existing assets are retained to produce income which is wholly utilised to support existing activities. There is no intention in the long term to either increase or reduce the capital significantly. The level at 31 December of £108,530 reflects the value of current assets at this time.
4
Cardigan Bay Watersports
The report of the trustees for the year ended 31 December 2020
Availability and adequacy of assets of each of the funds
The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.
Transactions and Financial position
The financial statements are set out on pages 9 to 19. The financial statements have been prepared implementing the 2005 Revision of the Statement of Recommended Practice for Accounting and Reporting by Charities issued by the Charity Commission for England and Wales (revised in June 2008) and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) .As stated in the introduction to this report, the trustees consider the financial performance by the charity during the year to have been satisfactory.
The Statement of Financial Activities show net outgoinging resources for the year of a revenue nature of £17,116 (prior year net outgoing resources of £22,903).
The total reserves at the year end stand at £108,530, (prior year £125,646).
Free unrestricted liquid reserves amounted to £59,947, (prior year £63,477).
Specific changes in fixed assets
Changes in fixed assets are shown in detail in the notes to the accounts.
Share Capital
The company is limited by guarantee and therefore has no share capital
The members of the Board of Trustees of the Charity during the year ended 31st December 2020 were :-
Roger Couch (Chairperson) Stephen Richard Berry Mark Andrew Rex Willis Crawford John Mcleary
All the directors of the company are also trustees of the charity, and their responsibilities include all the responsibilities of directors under the Companies Acts and of trustees under the Charities Acts.
The directors/trustees are all members of the charity.
At the annual general meeting Mr Roger Couch and Mr Mark Willis retire by rotation and being eligible, offer themselves for re-election.
The members of the Board of Trustees of the Charity at the date the report and accounts were approved were:-
Roger Couch (Chairperson) Stephen Richard Berry Crawford John Mcleary Mark Andrew Rex Willis
Independent Examiner
Martin Davies Accountant Pibydd y Traeth Bro Nantcellan, Clarach Aberystwyth
5
Cardigan Bay Watersports
The report of the trustees for the year ended 31 December 2020
Statement of Directors' and Trustees' Responsibilities
The Charities Act and the Companies Act require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to :-
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
-
state whether applicable accounting standards and statements of recommended practice have been followed , subject to any material departures disclosed and explained in the financial statements;
The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are also responsible for the contents of the trustees' report, and the responsibility of the independent examiner in relation to the trustees' report is limited to examining the report and ensuring that , on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements.
Method of preparation of accounts
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
This report was approved by the board of trustees on 16 June 2021.
Roger Couch Director and Trustee
Crawford Mcleary Director and Trustee
6
Cardigan Bay Watersports Independent Examiner's Report to the trustees of the charity
Report of the Independent Examiner to the trustees
on the accounts of the Charity for the year ended 31 December 2020
I report on the financial statements of the Charity on pages 9 to 19 for the year ended 31 December 2020 which have been prepared in accordance with the Charities Act 2011 (the Act) and with the Financial Reporting Standard for Smaller Entities (FRSSE), effective April 2008, as modified by the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England & Wales, effective April 2005 as modified in June 2008. (The SORP), under the historical cost convention and the accounting policies set out on page 14.
Respective responsibilities of trustees and examiner
As described on page 6, the Charity's trustees, who are also the directors of the company for the purposes of company law, are responsible for the preparation of the financial statements.
The trustees are satisfied that the audit requirement of Section 144(1) of the Act does not apply and that the accounts do not require an audit in accordance with Part 16 of the Companies Act 2006 and that no member or members have requested an audit pursuant to section 476 of the Companies Act 2006, and that there is no requirement in the governing document or constitution of the Charity for the conducting of an audit. As a consequence, the trustees have elected that the financial statements be subject to independent examination.
Having satisfied myself that the charity is not subject to audit under company law, or otherwise, and is eligible for independent examination, it is my responsibility to:-
a) examine the accounts under section 145 of the Act;
b) to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act; and;
c) to state whether particular matters have come to my attention.
Basis of opinion and scope of work undertaken
I conducted my examination in accordance with the General Directions given by the Charity Commissioners for England & Wales setting out the duties of an independent examiner issued by the Charity Commissioners under section 145(5)(b) of the Act) in relation to the conducting of an independent examination, referred to above. An independent examination includes a review of the accounting records kept by the Charity and of the accounting systems employed by the Charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of the Charities legislation and that the financial statements comply with the SORP, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements.
The procedures undertaken do not provide all the evidence that would be required in an audit , and information supplied by the trustees in the course of the examination is not subjected to audit tests or enquiries, and consequently I do not express an audit opinion on the view given by the financial statements, and in particular, I express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity, and my report is limited to the matters set out in the statement below.
I planned and performed my examination so as to satisfy myself that the objectives of the independent examination are achieved and before finalising the report I obtain written assurances from the trustees of all material matters.
7
Cardigan Bay Watersports Independent Examiner's Report to the trustees of the charity
Independent Examiner's Statement, report and opinion
Subject to the limitations upon the scope of my work as detailed above , in connection with my examination , I can confirm that
1) In accordance with Regulation 31 of The Charities (Accounts and Reports) Regulations 2008, (The Regulations) the accounts of this incorporated charity are not required to be audited under Part 16 of the Companies Act 2006;
2) this is a report in respect of an examination carried out under section 145 of the Act and in accordance with any directions given by the Commission under subsection (5)(b) of that section which are applicable;
and that, no matter has come to my attention in connection with my examination which gives me reasonable cause to believe that in any material respect the requirements
(i) to keep accounting records in accordance with section 386 of the Companies Act 2006; (ii) to prepare financial statements which accord with the accounting records and comply with the accounting requirements of section 396 of the Companies Act 2006 and;
(iii) that the financial statements be prepared in accordance with the methods and principles set out in the Statement of Recommended Practice - Accounting and Reporting by Charities have not been met; or
to which, in my opinion, attention should be drawn in my report in order to enable a proper understanding of the accounts to be reached;
The Examiner's relevant professional qualification or body is: Accountant
Martin Davies Pibydd y Traeth Bro Nantcellan, Clarach Aberystwyth Ceredigion SY23 3PH
The date upon which my opinion is expressed is :- 16 June 2021
8
Cardigan Bay Watersports Statement of Financial Activities for the year ended 31 December 2020
| Notes Incoming resources Incoming resources from generated funds Voluntary Income Investment Income Incoming resources from charitable activities Other Incoming Resources Total incoming resources Costs of charitable activities Total resources expended Net outgoing resources before transfers between funds Gross transfers between funds Net outgoing resources before Other recognised gains and losses Other recognised gains and losses Net movement in funds Reconciliation of funds Total funds brought forward Total Funds carried forward |
Unrestricted Restricted Total Last Year Funds Funds Funds Total Funds 2020 2020 2020 2019 £ £ £ £ 30,428 - 30,428 - 47 - 47 126 37,422 - 37,422 86,662 1,952 - 1,952 6,116 69,849 - 69,849 92,904 86,965 - 86,965 115,807 86,965 - 86,965 115,807 (17,116) - (17,116) (22,903) 757 (757) - - |
|---|---|
| (16,359) (757) (17,116) (22,903) |
|
| (16,359) (757) (17,116) (22,903) 124,889 757 125,646 148,549 108,530 - 108,530 125,646 |
The net movement in funds referred to above is the net incoming resources as defined in the SORP and is reconciled to the total funds as shown in the Balance Sheet on page 12 as required by the SORP.
All activities derive from continuing operations
The notes on pages 14 to 19 form an integral part of these accounts.
9
Cardigan Bay Watersports Statement of Financial Activities for the year ended 31 December 2020
Income and Expenditure Account as required by the Companies Act for the year ended 31 December 2020
| Turnover Direct costs of turnover Gross deficit Operating deficit Gains on disposals of fixed assets Other income Interest receivable Deficit on ordinary activities before tax Deficit for the financial year Gift Aid Payments Retained deficit for the financial year All activities derive from continuing operations |
2020 £ 67,850 86,965 (19,115) (19,115) 1,952 - 47 (17,116) (17,116) - (17,116) |
2019 £ 86,662 115,807 |
|---|---|---|
| (29,145) | ||
| (29,145) 6,116 - 126 |
||
| (22,903) | ||
| (22,903) - |
||
| (22,903) | ||
The notes on pages 14 to 19 form an integral part of these accounts.
10
Cardigan Bay Watersports Statement of Financial Activities for the year ended 31 December 2020 Statement of Total Recognised Gains and Losses for the year ended 31 December 2020
| Excess of income over expenditure before realisation of assets Gains on disposals of fixed assets used by Charity Loss per Profit and Loss account Grants for the acquisition of fixed assets Net Movement in funds before taxation Movements in revenue and capital funds for the year ended 31 December 2020 |
2020 2019 (19,068) (29,019) 1,952 6,116 |
|---|---|
| (17,116) (22,903) - - |
|
| (17,116) (22,903) |
|
| Revenue accumulated funds Accumulated funds brought forward Recognised gains and losses before transfers Transfers between restricted and unrestricted funds Closing revenue accumulated funds Fixed asset funds At 1 January Transfer (to)/from revenue accumulated funds At 31 December |
Unrestricted Restricted Total Last year Funds Funds Funds Total Funds 2020 2020 2020 2019 £ £ £ £ 124,889 - 124,889 142,597 (17,116) - (17,116) (22,903) |
|---|---|
| 107,773 - 107,773 119,694 757 (757) - - |
|
| 108,530 (757) 107,773 119,694 |
|
| £ £ Designated Restricted Total Last year Funds Funds Funds Total Funds 2020 2020 2020 2019 £ £ £ £ - 757 757 5,952 - (757) (757) (5,195) |
|
| - - - 757 |
| Summary of funds Revenue accumulated funds Fixed asset funds Total funds |
Designated Unrestricted Restricted Total Last Year Funds Funds Funds Funds Total Funds 2020 2020 2020 2020 2019 - 108,530 - 108,530 124,889 - - - - 757 |
|---|---|
| - 108,530 - 108,530 125,646 |
The notes on pages 14 to 19 form an integral part of these accounts.
11
Cardigan Bay Watersports Company Number Balance Sheet as at 31 December 2020
05731116
| Notes Fixed assets Intangible assets Tangible assets 8 Total fixed assets Current assets Debtors 9 Cash at bank and in hand Total current assets Creditors:- amounts due within one year 10 Net current assets Total assets less current liabilities Creditors:- amounts due after more than one year 11 Net assets excluding pension asset / liability Net assets The funds of the charity : Unrestricted income funds Unrestricted revenue accumulated funds Designated revenue funds Unrestricted capital funds Designated fixed asset funds Total unrestricted funds Restricted revenue funds Restricted fixed asset funds Restricted fixed asset funds Total restricted funds Total charity funds |
£ £ - 63,219 63,219 1,873 59,947 61,820 (3,020) 58,800 122,019 (13,489) 108,530 108,530 108,530 - - 108,530 - - 108,530 2020 |
£ £ - 76,826 76,826 2,570 63,477 66,047 (3,738) 62,309 139,135 (13,489) 125,646 125,646 124,889 - - 124,889 757 757 125,646 2019 |
£ £ - 76,826 76,826 2,570 63,477 66,047 (3,738) 62,309 139,135 (13,489) 125,646 125,646 124,889 - - 124,889 757 757 125,646 2019 |
|---|---|---|---|
| 108,530 - - - |
124,889 - - 757 |
||
| 139,135 (13,489) |
|||
| 125,646 | |||
| 125,646 | |||
| 124,889 757 |
|||
| 125,646 |
12
Cardigan Bay Watersports Company Number Balance Sheet as at 31 December 2020
05731116
The directors are satisfied that for the year ended on 31 December 2020 the charitable company was entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 and that no member or members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act. However, in accordance with section 145 of the Charities Act 2011, the accounts have been examined by an Independent Examiner whose report appears on page 7.
The director(s) acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities ( effective April 2008).
Roger Couch Trustee Approved by the board of trustees on 16 June 2021
The notes on pages 14 to 19 form an integral part of these accounts.
13
Cardigan Bay Watersports Notes to the Accounts for the year ended 31 December 2020
1 Accounting policies
Basis of preparation of the accounts
The financial statements have been prepared in accordance with all applicable accounting standards, as modified by the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England & Wales, effective April 2005 (revised June 2008) (The SORP). The accounts have been drawn up in accordance with the provisions of the Charities (Accounts and Reports) Regulations 2008 and the Companies Acts, and include the results of the charity's operations which are described in the Trustees' Report, all of which are continuing.
Advantage has been taken of Section 396(5) of The Companies Act 2006 to allow the format of the financial statements to be adapted to reflect the special nature of the company's operation and in order to comply with the requirements of the SORP.
The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement.
The particular accounting policies adopted are set out below.
Accounting convention
The financial statements are prepared,on a going concern basis, under the historical cost convention
Incoming Resources
Incoming resources are accounted for on a receivable basis.
Investment Income
Bank Interest received is included on an actual receipts basis.
Deferred income
In accordance with the SORP grants received in advance and specified by the donor as relating to specific accounting periods or alternatively which are subject to conditions which are still to be met, and which are outside the control of the charity or where it is uncertain whether the conditions can or will be met, are deferred on an accruals basis to the period to which they relate. Such deferrals are shown in the notes to the accounts and the sums involved are shown as creditors in the accounts.
Recognition of liabilities
Liabilities are recognised on the accruals basis in accordance with normal accounting principles, modified where necessary in accordance with the guidance given in the SORP.
Resources Expended
The policy for including items within the relevant activity categories of resources expended is set out below.
In particular the policy for including items within costs of generating funds, charitable activities and governance costs is:
14
Cardigan Bay Watersports Notes to the Accounts for the year ended 31 December 2020
Costs of generating funds
There are no costs that are attributable to the generating of funds.
Charitable activities
Charitable expenditure shall include all expenditure directly related to the objects of the charity.
Governance costs
Governance costs shall include all expenditure directly related to the administration of the charity including expenditure incurred in the management of the charity's assets, organisational administration and compliance with charitable and statutory requirements.
Allocation of costs within types of resources expended
The methods and principles for the allocation and apportionment of all costs between the different activity categories of resources set out above are based on the test of whether a cost directly contributes to the particular related source of income.Such identifiable costs are apportioned to the specific activity, whereas all other costs are allocated to support costs of charitable activities.
Resources expended include attributable VAT if such VAT cannot be recovered
Fixed assets and depreciation
All tangible fixed assets are stated at cost less depreciation.
Depreciation has been provided at the following rates in order to write off the assets (less their estimated residual value ) over their estimated useful economic lives.
Leasehold land and buildings 4.76% straight line, over remaining term of lease Equipment 6.67% to 33% straight line Boats 6.67% to 20% straight line
Capital grants
The board of trustees consider that , in order to comply with the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England & Wales (revised June 2008), gifts of tangible fixed assets or grants of a capital nature given for specific purposes and fully utilised in the furtherance of the objects of the charity should be credited to the relevant fixed asset fund after the sums have been properly expended on the restricted purpose. The related asset is shown in the balance sheet at the full cost of acquisition or subsequent revaluation.
If the related assets are subject to restrictions by the grant making organisation on their use and disposal, then these restrictions are noted in the fixed asset section of these accounts. In such circumstances, the fixed asset fund created is treated as a restricted fixed asset fund. As the related assets are depreciated, then a transfer is made from restricted fixed asset funds to unrestricted revenue reserves to reflect the dimunition in the asset subject to the restriction.In this year (and in the previous year), there were no transfers from restricted fixed asset funds to unrestricted revenue reserves.
If the related assets are not subject to restrictions by the grant making organisation on their use and disposal, then the fixed asset fund created is treated as a designated fixed asset fund. As the related assets are depreciated, then a transfer is made from designated fixed asset funds to unrestricted revenue reserves to reflect the dimunition in the asset.In this year, a sum of £757 (prior year £5,195) was transferred from designated fixed asset funds to unrestricted revenue reserves.
15
Cardigan Bay Watersports Notes to the Accounts for the year ended 31 December 2020
Any residual liability to the donor arising from, for example, the asset’s future sale, is disclosed as a contingent liability unless the event that would trigger repayment of the grant becomes probable in which case a liability for repayment is recognised
Insofar as this policy relates to Government grants and to the extent that it may be a departure from the Statement of Standard Accounting Practice Number 4, such departure is justified on the basis that it is in order to comply with the Statement of Recommended Practice for Accounting and Reporting (revised June 2008) issued by the Charity Commissioners for England & Wales.
Taxation
As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is recoverable by the company , and is therefore not included in the relevant costs in the Statement of Financial Activities.
Funds structure policy
The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.
Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to monitor carefully the application of those funds in accordance with the restrictions placed upon them.
2 Winding up or dissolution of the charity
If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.
| 3 | Deficit for the financial year | 2020 | 2019 |
|---|---|---|---|
| £ | £ | ||
| This is stated after crediting :- | |||
| Revenue Turnover from ordinary activities | 67,850 | 86,662 | |
| and after charging:- | |||
| Depreciation of owned fixed assets | 15,133 | 21,296 |
- 4 Detailed analysis of certain transactions required by the 2005 revision to the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England & Wales (effective April 2005 and revised May 2008)
Various items which are required by the SORP to be disclosed in the notes to the accounts are set out in the Detailed Schedule to the Statement of Financial Activities and its appendices on pages 20 to 23, which should be read together with these notes.
5 Material legacies that have been notified but not included in the Statement of Financial Activities None
16
Cardigan Bay Watersports Notes to the Accounts for the year ended 31 December 2020
| 6 Investment Income 2020 £ Bank deposit interest received 47 7 Staff Costs and Emoluments 2020 £ Gross Salaries 48,553 Pension Contributions 773 49,326 Numbers of full time employees or full time equivalents 2020 Engaged on charitable activities 4.5 There were no fees or other remuneration paid to the trustees There were no employees with emoluments in excess of £60,000 per annum |
2019 £ 126 2019 £ 57,439 - |
|---|---|
| 57,439 | |
| 2019 4.5 |
8 Tangible functional fixed assets
| Leasehold Land and buildings Boats £ £ Asset cost, valuation or revalued amount At 1 January 2020 76,259 159,796 Additions - 4,278 Disposals - (13,962) At 31 December 2020 76,259 150,112 Accumulated depreciation and impairment provisions At 1 January 2020 46,300 119,402 Eliminated on disposals - (11,210) Charge for the year 3,631 9,228 At 31 December 2020 49,931 117,420 Net book value At 31 December 2020 26,328 32,692 At 31 December 2019 29,959 40,394 |
Equipment £ 27,691 - - 27,691 21,218 - 2,274 23,492 4,199 6,473 |
Total £ 263,746 4,278 (13,962) |
|---|---|---|
| 254,062 | ||
| 186,920 (11,210) 15,133 |
||
| 190,843 | ||
| 63,219 | ||
| 76,826 |
All assets are used for direct charitable purposes and there are no inalienable or heritage assets.
17
Cardigan Bay Watersports Notes to the Accounts
for the year ended 31 December 2020
| 9 Debtors 2020 2019 £ £ Other Debtors 1,873 2,570 10 Creditors: amounts falling due within one year 2020 2019 £ £ Trade creditors - 145 Accrued expenses 2,640 2,484 Pension contributions payable - - Other taxes 380 1,109 3,020 3,738 11 Creditors :- Amounts Falling due after one year 2020 2019 £ £ Bank loans and overdrafts 13,489 13,489 12 Assets and liabilities held by the charity as an intermediary agent and not included in the Balance Sheet 13 Assets and liabilities held by the charity as an intermediary agent that are included in the Balance Sheet 14 Analysis of the Net Movement in Funds 2020 2019 £ £ Net movement in funds from Statement of Financial Activities (19,068) (29,019) Net resources applied on functional fixed assets (27,498) (50,049) Net movement in funds available for future activities (46,566) (79,068) None The net resources applied on functional fixed assets and the net investment in programme related investments represents the cost of additions less proceeds of any disposals. None |
9 Debtors 2020 2019 £ £ Other Debtors 1,873 2,570 10 Creditors: amounts falling due within one year 2020 2019 £ £ Trade creditors - 145 Accrued expenses 2,640 2,484 Pension contributions payable - - Other taxes 380 1,109 3,020 3,738 11 Creditors :- Amounts Falling due after one year 2020 2019 £ £ Bank loans and overdrafts 13,489 13,489 12 Assets and liabilities held by the charity as an intermediary agent and not included in the Balance Sheet 13 Assets and liabilities held by the charity as an intermediary agent that are included in the Balance Sheet 14 Analysis of the Net Movement in Funds 2020 2019 £ £ Net movement in funds from Statement of Financial Activities (19,068) (29,019) Net resources applied on functional fixed assets (27,498) (50,049) Net movement in funds available for future activities (46,566) (79,068) None The net resources applied on functional fixed assets and the net investment in programme related investments represents the cost of additions less proceeds of any disposals. None |
2019 £ 2,570 2019 £ 145 2,484 - 1,109 |
|---|---|---|
| 3,738 | ||
| 2019 £ 13,489 2019 £ (29,019) (50,049) |
||
| (46,566) | (79,068) |
18
Cardigan Bay Watersports Notes to the Accounts for the year ended 31 December 2020
| **15 ** | Particulars of Individual Funds and analysis of | Particulars of Individual Funds and analysis of | assets and liabilities representing funds | assets and liabilities representing funds | assets and liabilities representing funds |
|---|---|---|---|---|---|
| At 31 December 2020 | Unrestricted | Designated | Restricted | Total | |
| funds | funds | funds | Funds | ||
| £ | £ | £ | £ | ||
| Tangible Fixed Assets | 63,219 | - | - | 63,219 | |
| Current Assets | 61,820 | - | - | 61,820 | |
| Current Liabilities | (3,020) | - | - | (3,020) | |
| Long Term Liabilities | (13,489) | - | - | (13,489) | |
| 108,530 | - | - | 108,530 | ||
| £ | £ | £ | £ | ||
| At 1 January 2020 | Unrestricted | Designated | Restricted | Total | |
| funds | funds | funds | Funds | ||
| Tangible Fixed Assets | 76,521 | - | 26,001 | 76,826 | |
| Current Assets | 66,047 | - | - | 66,047 | |
| Current Liabilities | (3,738) | - | - | (3,738) | |
| Long Term Liabilities | (13,489) | - | - | (13,489) | |
| 124,889 | - | 757 | 125,646 |
The individual funds included above are :-
| Watersports | Funds at 2019 £ 125,646 125,646 |
Movements in Funds as below £ (17,116) (17,116) |
Transfers Between funds £ - - |
Funds at 2020 £ 108,530 |
|---|---|---|---|---|
| 108,530 |
Analysis of movements in funds as shown in the table above
| Watersports | Incoming Resources £ 69,849 69,849 |
Outgoing Resources £ (86,965) (86,965) |
Gains & Losses £ - - |
Movement in funds £ (17,116) |
|---|---|---|---|---|
| (17,116) |
16 Endowment Funds
The charity had no endowment funds in the year ended 31st December 2020 or in the year ended 31st December 2019.
17 Share Capital
The charity is incorporated under the Companies Acts and is limited by guarantee, each member having undertaken to contribute such amounts not exceeding one pound as may be required in the event of the company being wound up whilst he or she is still a member or within one year thereafter.
19
Cardigan Bay Watersports Schedule to the Statement of Financial Activities for the year ended 31 December 2020 Status of this schedule to the Statement of Financial Activities
This schedule is an intrinsic part of the accounts required to comply with the 2008 Revision of the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England & Wales, revised June 2008. However, it is not a part of the statutory accounts required under the provisions of the Companies Act 2006 in relation to incorporated charities.
| Incoming Resources Incoming Resources from generated funds Voluntary Income Grants, legacies and donations Government and public bodies Incoming resources of a revenue nature Job Retention Grant Resilience Fund Grant Firebreak Grant Total Total Grants,Legacies & Donations Received Total Voluntary Income Bank deposit interest received Total Investment Income Incoming resources from charitable activities Primary purpose trading Ceredigion County Council Total Incoming resources from charitable activities Other Incoming Resources Gains on disposals of fixed assets used by Charity Exceptional income Total Incoming Resources Direct support costs Gross wages and salaries - charitable activities Subcontract staff costs Salaries,pensions & NI recharged to other organisations Resource Costs Training costs |
UnrestrictedRestricted Total Prior Period Funds Funds Funds Total Funds 2020 2020 2020 2019 £ £ £ £ 17,928 - 17,928 - 10,000 - 10,000 - 1,000 - 1,000 - |
|---|---|
| 30,428 - 30,428 - |
|
| 30,428 - 30,428 - |
|
| 30,428 - 30,428 - |
|
| 47 - 47 126 |
|
| 47 - 47 126 37,422 - 37,422 86,562 - - - 100 |
|
| 37,422 - 37,422 86,662 |
|
| 1,952 - 1,952 6,116 - - - - |
|
| 1,952 - 1,952 6,116 |
|
| 69,849 - 69,849 92,904 |
|
| 48,553 - 48,553 57,439 - - - 2,840 773 - 773 739 41 - 41 230 - - - 2,273 |
|
| 49,367 - 49,367 63,521 |
20
Cardigan Bay Watersports
Schedule to the Statement of Financial Activities for the year ended 31 December 2020 Status of this schedule to the Statement of Financial Activities
This schedule is an intrinsic part of the accounts required to comply with the 2008 Revision of the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England & Wales, revised June 2008. However, it is not a part of the statutory accounts required under the provisions of the Companies Act 2006 in relation to incorporated charities.
| Management and administration costs in support of charitable activities Indirect employee costs Training and welfare Travel and subsistence Premises Costs Rates, water and service charges Insurance Room Hire Light and heat General administrative expenses: Telephone Stationery and printing Log books and certificates Subscriptions Equipment expenses Software Health and safety costs Protective clothing and uniforms Web site and internet costs Advertising and PR Bank charges Sundry expenses Professional fees in support of charitable activities Accountancy fees other than examiners/auditors Licences and permits |
UnrestrictedRestricted Total Prior Period Funds Funds Funds Total Funds 2020 2020 2020 2019 £ £ £ £ 2,734 - 2,734 1,563 - - - 73 |
|---|---|
| 2,734 - 2,734 1,636 |
|
| 266 - 266 450 6,239 - 6,239 6,544 - - - 50 767 - 767 1,632 |
|
| 7,272 - 7,272 8,676 |
|
| 581 - 581 644 236 - 236 482 85 - 85 765 65 - 65 20 4,096 - 4,096 9,402 - - - 23 1,243 - 1,243 - - - - 1,207 1,425 - 1,425 1,032 247 - 247 1,513 1,422 - 1,422 1,745 182 - 182 435 |
|
| 9,582 - 9,582 17,268 |
|
| 2,220 - 2,220 2,190 657 - 657 1,220 |
|
| 2,877 - 2,877 3,410 |
Other support costs
21
Cardigan Bay Watersports Schedule to the Statement of Financial Activities for the year ended 31 December 2020 Status of this schedule to the Statement of Financial Activities
This schedule is an intrinsic part of the accounts required to comply with the 2008 Revision of the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England & Wales, revised June 2008. However, it is not a part of the statutory accounts required under the provisions of the Companies Act 2006 in relation to incorporated charities.
| UnrestrictedRestricted | UnrestrictedRestricted | UnrestrictedRestricted | Total | Prior Period | |
|---|---|---|---|---|---|
| Funds | Funds | Funds | Total Funds | ||
| 2020 | 2020 | 2020 | 2019 | ||
| £ | £ | £ | £ | ||
| Depreciation of assets used for charitable purposes | 15,133 | - | 15,133 | 21,296 | |
| 15,133 | - | 15,133 | 21,296 | ||
| Total Support costs | 86,965 | - | 86,965 | 115,807 | |
| Support costs for grants paid | |||||
| Costs reallocated from charity support costs | - | - | - | - | |
| Total Expended on Charitable Activities | 86,965 | - | 86,965 | 115,807 | |
| Governance costs that are not direct management functions | inherent in | generating | |||
| funds, service delivery and programme or project work | |||||
| Analysis of transfers between funds | |||||
| Transfer to/(from) unrestricted to be analysed further | 757 | - | 757 | 5,195 | |
| Transfer to/(from) res fix ass to be analysed further | - | (757) | (757) | (5,195) | |
| 757 | - | 757 |
- | - | |
| Appendices to the Statement of Financial Activities |
22
Cardigan Bay Watersports Schedule to the Statement of Financial Activities for the year ended 31 December 2020 Status of this schedule to the Statement of Financial Activities
This schedule is an intrinsic part of the accounts required to comply with the 2008 Revision of the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England & Wales, revised June 2008. However, it is not a part of the statutory accounts required under the provisions of the Companies Act 2006 in relation to incorporated charities.
| UnrestrictedRestricted | UnrestrictedRestricted | Total | Prior Period |
|---|---|---|---|
| Funds | Funds | Funds | Total Funds |
| 2020 | 2020 | 2020 | 2019 |
| £ | £ | £ | £ |
for the year ended 31 December 2020
The following appendices are attached to detail the activity analysis required by the 2005 Revision of the Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commissioners for England & Wales, revised June 2008.
1. Analysis of Total Incoming & Outgoing Resources by Activity 2. Analysis of Total Support Costs by Activity
3. Analysis of charitable expenditure by activity
23